According to a research report "Crowdsourced Security Market by Type (Web Application, Mobile Application, and others), Deployment Mode, Organization Size, Vertical, and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2024", published by MarketsandMarkets, the global crowdsourced security market size is expected to grow from USD 90 million in 2019 to USD 135 million by 2024, at a Compound Annual Growth Rate (CAGR) of 8.4% during the forecast period. The major growth drivers for the market include the Rising security needs with digital transformation in organizations, increasing the need to upgrade traditional security testing methodologies, growing need to meet compliance requirements.
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Mobile Application segment to record the
highest growth rate during the forecast period
Under the type segment,
the mobile application segment is expected to grow at the highest growth rate
during the forecast period. The adoption rate of mobile applications is rapidly
increasing as a large number of enterprises have started serving their
customers through mobile applications. The growth of Android and IOS
development of applications has led to a vast amount of organizations opting
for security assessment solutions such as the new and innovative approaches
like crowdsourced security.
Cloud segment to record the highest growth
rate during the forecast period
Under the deployment mode segment,
cloud segment is expected to grow at the highest growth rate during the
forecast period. Cloud-based availability of the platforms is the primary
reason for this deployment model to grow at a fast pace, provisioning the
ethical hackers present across the globe with access of platforms to any remote
locations.
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North
America to hold the largest market size duringthe forecast period
North America is expected to hold the largest market size
in the global crowdsourced security market during the forecast period. The US
has emerged as the largest country for the market in terms of market size, due
to the large-scale digital transformation of organizations and enterprises in
the country. The pace of technology adoption in the US is high, along with the
high growth of cloud services in the region, attributing to the fast growth of
the crowdsourced security market in the US.
Key
market players
Key and emerging market players include Applause (US),
Bugcrowd Inc. (US), Cobalt Labs Inc. (US), Detectify (Sweden), HackerOne (US),
passbrains (Germany), Rainforest (US), Synack (US), and Zerocopter
(Netherlands). These players have adopted various strategies to grow in the
global crowdsourced security market.About MarketsandMarkets™
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